Persistence Gold Group Ltd — M&A Activity 2020

May 22, 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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APAC RESOURCES LIMITED 亞太資源有限公司 *****

(Incorporated in Bermuda with limited liability)

(Stock Code: 1104)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE POSSIBLE MAJOR TRANSACTION IN RELATION TO A MANDATE FOR FUTURE ACQUISITION

Reference is made to the announcement of APAC Resources Limited (the “ Company ”) dated 14 May 2020 (the “ Announcement ”) in respect of the Acquisition Mandate. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

The Board would like to inform the Shareholders and the public that the Company will not at present seek Shareholders’ approval on the Future Acquisition and the Acquisition Mandate, and accordingly the possible major transaction will not proceed.

The Company may in future seek to obtain Shareholders’ approval, if required, on potential acquisitions of Metals X Shares when the detailed terms of any such acquisitions are determined.

By Order of the Board APAC Resources Limited Andrew Ferguson Executive Director

Hong Kong, 22 May 2020

As at the date of this announcement, the directors of the Company are:

Executive Directors

Mr. Brett Robert Smith (Deputy Chairman) and Mr. Andrew Ferguson (Chief Executive Officer)

Non-Executive Directors

Mr. Arthur George Dew (Chairman) (Mr. Wong Tai Chun, Mark as his alternate), Mr. Lee Seng Hui and Ms. Lam Lin Chu

Independent Non-Executive Directors

Dr. Wong Wing Kuen, Albert, Mr. Chang Chu Fai, Johnson Francis and Mr. Wang Hongqian

• For identification purpose only